Sunrise Senior Living issues restatement of 1996-2005 results

Sunrise Senior Living Inc. completed a restatement of results from 1996 through 2005. It showed that earnings were cut by $173 million.

Photo: Sunrise Senior Living issues restatement of 1996-2005 results

Sunrise Senior Living issues restatement of 1996-2005 results

The restatement comes after a review that found accounting errors, but no evidence of stock option backdating, inappropriate accounting or insider trading.

Among the earnings changes, Sunrise Senior Living raised its 2005 earnings to $87.1 million, or $1.82 per share, compared with previous results of $79.7 million, or $1.67 per share.

Sunrise Senior Living reduced 2004 earnings to $1.1 million, or 3 cents per share, compared with $50.7 million, or $1.12 per share, that was previously reported.

For 2006, Sunrise Senior Living earned $20.4 million, or 40 cents per share.

With the restatement completed, Sunrise Senior Living filed for an extension to report 2007 earnings. It has until Sept. 17 to report its full-year 2007 earnings.

The 1996-through-2005 restatement was completed in time to avoid shares being suspended from trading by the New York Stock Exchange.

Sunrise Senior Living Inc. is a senior living company based in the McLean section of unincorporated Fairfax County, northern Virginia, which operates over 440 Sunrise locations worldwide.